As a landlord, you need insurance for your rental property, and the higher the limits and policy amounts, the better.
Rental Property Insurance
You need a landlord’s insurance policy, which is an umbrella type policy that will cover you for liability and protect you if the tenant is injured in the property, or some other event occurs. Get limits as high as you can afford. This will let you shield yourself from personal liability. We like to think that nothing bad will ever occur, but people are very litigious today. So, our advice is to get the best and highest quality insurance that you can.
Property Management Burlingame: Requiring Renter’s Insurance
We also require that tenants get insurance. That will help to minimize your risk to a certain extent. At the end of the day, your job is to look out for your best interests. That includes having adequate insurance on your rental property.
Switch Your Homeowner’s Insurance
A homeowner’s insurance policy that you might currently have on a property will not be sufficient. Give your agent a call and talk about your plans to rent out the home. The agent should recommend some good policies. The agent and the policy you choose will depend on your needs and your property, but it’s important to be properly insured to protect your assets.
For questions about insurance and what you should look for in a policy, contact us at Five Star Property Management. We can give you a list of things to do when you’re renting out a property. Our team is ready to be your resource for Burlingame property management.